企业数字化转型助推全要素生产率提升的理论与路径——基于A股上市公司的实证检验

Theory and Path of Enterprise Digital Transformation to Promote Total Factor Productivity Improvement

当前中国数字经济蓬勃发展,企业进行数字化转型成为适应时代发展要求的重要选择。本文基于2011—2020年中国A股上市公司面板数据,运用固定效应模型、中介机制检验及异质性检验等方法,探究企业数字化转型影响其全要素生产率的效果与路径。研究发现:企业数字化转型能够显著提高其全要素生产率,其中缓解融资约束以及提高内部控制质量发挥中介作用;对不同所有权的企业而言,进行数字化转型均有利于提升全要素生产率,但是在非国有企业中效果更强;相对于成长期和衰退期企业,成熟期企业中二者作用效果更强。因此,企业应加快数字技术在各环节的应用,激发数字化转型积极效应;提升数字化转型的积极性,实施有差异化的转型战略;政府应发挥在宏观调控中的作用,优化数字化转型外部环境。

At present,China's digital economy is booming,and the digital transformation of enterprises has become an important choice to adapt to the development requirements of the times.Based on the panel data of China's A-share listed companies from 2011 to 2020,this paper uses fixed-effect model,intermediary mechanism test and heterogeneity test to explore the effect and path of enterprises'digital transformation on their total factor productivity.The results show that digital transformation can significantly improve the total factor productivity of enterprises,in which easing financing constraints and improving the quality of internal control play an intermediary role;for enterprises with different ownership rights,digital transformation is conducive to improving total factor productivity,but the effect is stronger in non-state-owned enterprises;compared with enterprises in growth and decline period,the effect of the two in mature enterprises is stronger.Therefore,enterprises should accelerate the application of digital technology in various links to stimulate the positive effect of digital transformation;enhance the enthusiasm of digital transformation and implement differentiated transformation strategies;the government should play a role in macro-control and optimize the external environment for digital transformation.